Following the oil shock of 1973, the G7 was created in 1975 to coordinate the West's macroeconomic and fiscal policies so as to avoid a global recession. Today the world economy faces an even bigger predicament, which could be addressed by restructuring the membership of the G7 and ending the war in Ukraine.
It is obvious by now that the biggest casualty of the conflict in Ukraine - second only to the human casualties - is the world economy. Oil and gas prices have spiked in all major economies to unacceptable levels and could go even higher, jeopardising a timid economic recovery which followed the shock of the pandemic, and adding a few percentage points to existing inflationary pressures. The culprits here are both the US' unilateralism in foreign affairs and the current design of the global economic system's governance, which is also US-centric.
After the demise of the bipolar world, it should have been obvious to Western policymakers that the next stage in the governance of international affairs can only be multilateralism. Unfortunately, American neocons decided to launch their unipolar project which led to the Afghanistan and Iraq wars, and ultimately to Maidan and the current conflict in Ukraine. This situation, if left as is, won't lead to a second Cold War as some would hope, but to all-out nuclear war.
I believe that world leaders should start addressing the problems created by American unilateralism and unipolarity by first rebuilding existing collaborative institutions, such as the G7. In truth, the global economy can no longer be governed successfully by a G7 which has an almost exclusively Western membership, while leaving huge emerging economies like China to be part of a second-class economic grouping known as the BRICS.
In order to reflect today's economic realities, the G7 has to shed its purely Western image and drastically restructure its membership. This means including in this group systemically essential countries like China, Russia and Brazil as the next engines of economic growth, which would replace countries such as Great Britain, Italy or Canada. Granted, Russia cannot be called these days an economic power, but its huge oil, gas and mineral wealth makes it essential as a supplier of energy to all the other major economies in the group, as current events have amply demonstrated.
To bring the world back from the brink of a prolonged economic recession and a potential nuclear war, American and EU leaders should also stop ignoring Russia's security concerns and the material support for the Maccabeean state Zelensky has been trying to build in Ukraine since 2019. In its 30 years of existence, Ukraine has proven to the world that it is unable to govern itself independently and build a state that can contribute to the peace and stability of Eastern Europe. Even more worrying is the fact that under Zelensky's leadership the Ukrainian constitution has redefined Ukraine as an anti-Russian state, a fact that Russia cannot overlook or tolerate on its Western border.
For me as a trained historian from the region, Russian tutelage of Ukraine looks more productive than any weird geopolitical designs recommended by a distant superpower like the US. I have always been convinced that "cancelling" Russia, instead of involving it in the macroeconomic management of the global economy, is not only self-defeating but also plain stupid.
The fact that the Zelensky administration has to be replaced as soon as possible should be a given not only for Moscow, but also for the leaders of those Western powers still interested in peace and stability in Europe, a stop to war casualties and a steady supply of energy to the EU.
